EU Single Market Membership Survey
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EU Single Market Membership Survey

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Sir Robert Worcester presented the findings of our survey of The City UK members and their attittudes to Britain's membership of the European Union

Sir Robert Worcester presented the findings of our survey of The City UK members and their attittudes to Britain's membership of the European Union

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EU Single Market Membership Survey EU Single Market Membership Survey Presentation Transcript

  • 1 Single Market Membership Survey Presented by Sir Robert Worcester © Ipsos MORI 30 October 2013
  • Methodology 2 • 101 interviews were conducted between 19 August and 24 October 2013 • Sample was drawn from TheCityUK members • 444 leads provided by TheCityUK • Initial email from Chris Cummings inviting participation, followed by an email from Ipsos MORI containing a unique online survey link • Reminder emails were issued during fieldwork to those who had not completed the survey and telephone calls were also used to encourage participation. Five interviews were conducted over the telephone • Survey questions were developed by Ipsos MORI in consultation with TheCityUK, including input and review by TheCityUK stakeholders © Ipsos MORI
  • Sector profile comparison with survey respondents 3 Sector (Total members) Sector (Survey respondents) Accounting 9% Accounting Asset management 9% Asset management 29% Banking Private Equity or Hedge Funds 15% Insurance 18% Legal Other Financial or Related… None of these 17% 1% Base: TheCityUK Members in sample file (444), TheCityUK Members responding (101) © Ipsos MORI 15% 27% Banking Private Equity or Hedge Funds 2% 11% 1% 20% Insurance 13% Legal Other Financial or Related… None of these 26% 5%
  • Summary of the Findings 4 • Clear preference among members for remaining in the European Union – over eight in ten say they would prefer the UK to remain in the EU (84%) • All members surveyed believe the UK’s decision on membership is important for the UK (100%) and nine in ten important (90%) for their business • Over eight in ten said they think that staying in the EU is the best option for the competitiveness of the UK as a financial centre (84%) • Over eight in ten again, think that a complete exit from the Single Market and the EU would lead to a worse competitive position for the UK in financial services (81%) • Nearly nine in ten agree that the UK as a whole benefits economically from its membership of the EU (88%) • Almost three quarters agree that their firm benefits from UK membership of the EU (74%) • Nearly half say the UK’s decision on membership is very important for their business (48%) • Only one in twenty-five is in favour of leaving the single market (4%) • Ease of trading and access to customers, as well as a single regulatory framework for financial services, are seen as the key benefits of EU membership (c. 46%) © Ipsos MORI
  • There is a clear preference for remaining in the EU 5 Q. “Which one of these options would be your preferred position for the UK in relation to the EU?” The UK remains a member of the EU 84% The UK leaves the EU but remains within the Single Market 10% The UK leaves the EU and the Single Market completely None of these is my preferred option Don’t know 5% 1% 0% Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI
  • Nine in ten say the UK’s decision will be important for their business, and all say important for the UK Q. “Overall, how important would you say the UK’s decision about its membership of the EU will be for the future of your business?” Not at all important Very important 6% 42% 90% Q. “Overall, how important would you say the UK’s decision about its membership of the EU will be for the future of the UK?” Fairly important Don’t know 3% 1% Not very important 6 48% 13% 100% 87% Fairly important Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI Very important
  • The benefit of the EU to the UK economically is widely recognised Q. “To what extent do you agree or disagree that the UK as a whole benefits economically from the UK’s membership of the EU?” Q. “To what extent do you agree or disagree that your firm benefits from the UK’s membership of the EU?” Strongly disagree Strongly disagree Don’t know Tend to disagree Neither 3% 3% 4% 4% 1% Tend to disagree Strongly agree 1% 9% Strongly agree Neither 16% 88% 32% 74% 56% Tend to agree 33% Tend to agree Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI 7 41%
  • Only one in twenty are in favour of leaving the Single Market 8 Q. “Which of these options best reflects your view of what is best for the UK’s long term economic prosperity?” Remain in the Single Market no matter how it develops Remain in the Single Market only if there are no further transfers of economic decision-making powers Remain in the Single Market only if further barriers to free movement are removed Leave the Single Market Other / none of these Don’t know Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI 3% 11% 5% 42% 11% 70% 28%
  • Ease of trading and access to customers, as well as a single regulatory framework for financial services, are key benefits 9 Q. “Which, if any, of the following are the most significant benefits to your business of the UK’s membership of the European Union?” 49% 46% 1st 44% Ease of access to customers in the EU A single regulatory framework in the EU for financial services Ease of cross-border trading within the EU Ease of visa free recruitment of people from across the EU Increasing harmonisation of standards across the EU 29% 28% 26% Being part of EU Free Trade Agreements EU initiatives to support business, e.g. European Investment Bank, Structural Funds There are no significant benefits to our business from the UK’s membership of the EU Other (please specify) Don’t know 6% 9% 1% 2% Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI 2nd
  • Regulatory change and volume are the main challenges 10 Q. “Which, if any, of the following are the most significant challenges for your business of the UK’s membership of the EU?” 65% Regulatory changes from the EU 56% The volume of EU regulation Uncertainty around the future of the euro / eurozone Uncertainty over the UK’s membership of the EU Uncertain economic outlook for the EU The incompleteness of the Single Market Industry-specific taxation from the EU Don’t know 37% 31% 26% 21% 16% 2% Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI
  • Two thirds of respondents feel remaining in the Single Market but outside the EU would mean a deterioration in the UK’s position 11 Q. “In a scenario where the United Kingdom left the European Union but remained in the Single Market, do you think the UK’s overall competitive position as a financial centre would, on balance, improve, remain unchanged or deteriorate?” Don’t know Q. “In a scenario where the United Kingdom left both the European Union and the Single Market, do you think the UK’s overall competitive position as a financial centre would, on balance, improve, remain unchanged or deteriorate?” Don’t know 2% Improve Improve 11% 12% Remain Remain unchanged 7% 3% unchanged 12% 81%* 53%* 88% 65% Deteriorate Deteriorate 00 * Net scores Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI
  • Over eight in ten believe staying in the EU is the best option for the competitiveness of the UK as a financial centre 12 Q. “Which of the following scenarios would be the best option for the overall competitive position of the UK as a financial centre?” The UK remains a member of the EU 84% The UK leaves the EU but remains within the Single Market The UK leaves the EU and the Single Market completely Don’t know 11% 4% 1% Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI
  • On balance half say exit of the Single Market is unlikely to mean relocation 13 Q. “In a scenario where the UK left the Single Market, how likely is it that your firm would relocate at least some of its headcount from the UK to a location within the Single Market?” 49% 37% 1% 10% 27% Certain to Not very likely 20% Very likely Not at all likely Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI 29% 13% Fairly likely Don't know
  • Aspects of regulation are the most frequently mentioned priorities for improving the working of the Single Market 14 Q. “What areas, if any, do you think the UK should be prioritising to improve the working of the Single Market?” Top 10 open-ended responses 11% Deregulation/reduce regulation/legislation Streamlined/harmonised/ consistent regulations/ laws/standards Freedom of services/free market in services/cross border financial services Remove barriers/trade barriers/free up trade with other members/stop protectionism Regulation/legislation/ regulatory issues - no more specific 10% 8% 7% 6% 4% Financial services/ banking Economy/economic recovery/growth 3% Reduce red tape/ bureaucracy 3% Greater involvement in the EU/participating 2% Financial regulation/law 2% Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013 © Ipsos MORI
  • 15 Thank you. Questions? For TheCityUK press enquiries please contact Juliet Carey, juliet.carey@thecityuk.com, 0207 367 0005 bob.worcester@ipsos-mori.com, +44 20 7347 3066 matthew.chatterton@ipsos-mori.com, +44 20 7347 3112 alastair.cox@ipsos-mori.com, +44 20 7347 3256 © Ipsos MORI 30 October 2013 This work was carried out in accordance with the requirements of the international quality standard for market research, ISO 20252:2006 and with the Ipsos MORI Terms and Conditions which can be found here
  • More than a third say reform to the Single Market would make them much more likely to prefer the UK remaining part of the EU 16 Q. “If the EU were to be reformed in ways that improved the operation of the Single Market, how likely, if at all, would you be to prefer the UK remaining part of the EU?” 36% Much more likely A little less likely Base: TheCityUK Members responding (101) © Ipsos MORI 31% A little more likely Much less likely 30% 3% Would make no difference Don't know
  • Opinion is divided on whether the prospect of a referendum is creating uncertainty 17 Q. “The prospect of a referendum on the UK’s membership of the EU in 2017 has created an uncertainty that is affecting decisions in our business” 41% 10% 31% Strongly agree Neither agree nor disagree Strongly disagree Base: TheCityUK Members responding (101) © Ipsos MORI 34% 23% 22% 12% 2% Tend to agree Tend to disagree Don't know
  • Sample profile (1) 18 Size of Firm by Number of UK Employees Sector 27% Banking 1% 20% 13% Other Financial or Related Professional Services None of these Base: TheCityUK Members responding (101) © Ipsos MORI 9% 5% 250 - 499 7% 500 - 999 Insurance Legal 9% 51 - 249 15% Asset management Private Equity or Hedge Funds Less than 50 11% Accounting 22% 1,500 - 4,999 26% 5% 9% 1,000 - 1,499 39% 5,000+ Don't know *
  • Sample profile (2) 19 Role Location of Global HQ 18% 13% CEO Chairman 0% Chief Investment Officer 2% Other Executive… 5% NED/Board Member 3% Partner 10% 69% UK CFO Other Director/Manager None of these © Ipsos MORI 8% 32% Public/Govt Affairs Communications Elsewhere in Europe 1% 13% 3% Rest of world 23%